The invention relates to an aluminum iron base alloy and an aluminum iron base alloy plank rolling method thereof, and belongs to the technical field of material. The aluminum iron base alloy comprise the following compositions in weight percentage: 89.3 to 91.7 percent of Al, 4 to 6 percent of Fe, 1.2 to 1.7 percent of Si, 1 to 15 percent of Mg, 0.6 to 0.8 percent of CuO, and 0.5 to 0.8 percent of MnO. The plank rolling method comprises the following steps: putting the prepared alloy in a crucible furnace; heating the alloy along with the furnace; adding covering agent after the alloy is melted; keeping temperature between 780 and 800 DEG C; putting refining agent and keeping temperature; removing slag and preparing pouring; pouring molten alloy; stirring the molten alloy electromagnetically; cooling the molten alloy to prepare alloy blank ingot; preparing blank through extrusion, annealing the plank; rolling the plank at high temperature and thermally treating the plank to obtain the aluminum iron base alloy plank. The preparation method has low process cost; tensile strength and elongation coefficient of the aluminum iron base alloy plank in a room temperature rolling state are 340 to 360 MPa and 7.6 to 8.2 percent respectively; and the tensile strength and the elongation coefficient are 250 to 270 MPa and 9.6 to 10.3 percent respectively below the temperature of 300 DEG C.